Ethereum price has been wrestling with the $3,940 mark, much like a cat trying to catch its tail. ETH seems to be taking a breather, perhaps contemplating a move toward $4,000, or maybe just napping.
- Ethereum has managed to claw its way past the $3,840 and $3,880 levels, proving once again that it’s not just about the destination but the journey.
- The price is floating above $3,800 and the 100-hourly Simple Moving Average, like a leaf on a stream, gently bobbing along.
- A bearish trend line is forming, with resistance at $3,840 on the hourly chart of ETH/USD (data feed via Kraken), as if the market is setting up a little roadblock for our digital friend.
- If ETH can hold steady above the $3,725 zone in the near term, it might just have enough pep to start a new chapter in its story.
Ethereum Price Holds Support, But Will It Hold Its Breath?
Ethereum price found itself struggling to climb higher above the $3,940 level, mirroring Bitcoin‘s own uphill battle. ETH began a downward correction from its lofty perch at $3,939, dipping below $3,900, much like a balloon losing air.
The price dipped below the $3,820 support level and settled beneath the 23.6% Fib retracement level of the upward move from the $3,515 swing low to the $3,939 high. To add insult to injury, a bearish trend line is forming with resistance at $3,840 on the hourly chart of ETH/USD.
However, the price remains steady above the $3,720 support and the 50% Fib retracement level of the same upward move. Ethereum price is currently trading above $3,800 and the 100-hourly Simple Moving Average, suggesting it might still have a few tricks up its sleeve.
On the upside, the price could face resistance near the $3,840 level. The next key resistance is near the $3,880 level, which might as well be Mount Everest for our digital climber. The first major resistance is near the $3,940 level. A clear move above this resistance might just give Ethereum the boost it needs to aim for the $3,965 resistance.
An upside break above the $3,965 resistance might signal more gains in the coming sessions. If this happens, Ether could rise toward the $4,000 resistance zone or even $4,120 in the near term, proving that sometimes, a little push is all you need.
Another Drop In ETH? Or Just a Speed Bump?
If Ethereum fails to clear the $3,840 resistance, it might start a downside correction, like a car hitting a speed bump. Initial support on the downside is near the $3,720 level. The first major support sits near the $3,680 zone.
A clear move below the $3,680 support might push the price toward the $3,650 support. Any more losses might send the price toward the $3,550 support level in the near term, a scenario that might make even the most stoic investor feel a bit queasy. The next key support sits at $3,420.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone, like a runner running out of steam.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone, indicating that the market might be taking a breather before its next big move.
Major Support Level – $3,720
Major Resistance Level – $3,840
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2025-07-30 06:25